US stocks struggle for direction ahead of Yellen

Major US equity indices opened roughly at the previous session closing level and struggled for a firm direction during early trade as market await for fresh clues on the Federal Reserve's monetary policy outlook from Janet Yellen's testimony before the Joint Economic Committee. 

In her prepared text of the testimony, Yellen reaffirmed investor's expectations for a December Fed rate-hike action and said that an increase in interest rates “could well become appropriate relatively soon if incoming data provide some further evidence of continued progress toward the FOMC's objectives."

At the time of report, the Dow Jones Industrial Average inched up 10-point to 18,880, while broader S&P 500 index rose 4-points to 2,180. Meanwhile, tech-heavy Nasdaq composite rose mere 3-points and remained just short of 5,300 mark.

US equity markets seem to hit the pause button to the post-election rally, with the DJIA breaking a seven days of winning streak on Wednesday. Analysts now seemed to have turned skeptic over the sustainability of the recent rally and that the markets could have run ahead of fundamentals. 

In currency markets, Fed rate-hike expectations continues to underpin the overall US Dollar Index, which remains within striking distance of over 13-year high touched in the previous session.

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